Which of the following would tend to increase unemployment in the short run?
a. commercial banks calling in loans to build up their excess reserves
b. an increase in reserve requirements
c. an increase in the discount rate
d. all of the above
d
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The opportunity cost of current consumption is:
A) nominal wage rate. B) the inflation rate. C) real wage rate. D) the real interest rate.
Which of the following is true of scarcity?
a. It applies to raw materials; manufactured goods are not scarce. b. It affects all countries except the United States and Canada. c. It affects only poor nations. d. It is a basic problem of economics that affects all nations.
United States coins and currency are backed by
A. reserves of foreign currencies. B. confidence that they will retain their value. C. silver. D. gold.
An increase in demand for mobile device apps occurs. Which of the following statements is TRUE for individual firms that produce mobile device apps?
A. The price of mobile device apps will increase leading to an increase in the demand for labor by the firm. B. The price of mobile device apps will increase leading to a decrease in demand by customers leading to a decrease in the demand for labor by the firm. C. The price of mobile device apps will decrease leading to an increase in the demand for labor by the firm. D. A change in demand at the industry level does not influence an individual firm's demand curve for labor.